Authorization to Release Section 42 Above 5 Percent Cash-in-lieu Funds to the Downtown Yonge Business Improvement Area for the Rehabilitation of the Trinity Square Park Clock Tower - by Councillor Mike Layton, seconded by Councillor Paula Fletcher

The arrival of the COVID-19 pandemic in early 2020 prevented the work from taking place. The Business Improvement Area is now ready to restart the project. However, over the intervening years, project costs have escalated. The funding proposed in this Motion would make up that difference, with the Business Improvement Area continuing to undertake the project and contributing $100,000. This motion seeks authority from Council to amend Parks, Forestry and Recreation's 2022-2031 Approved Capital Budget and Plan to create a new capital sub-project in the Park Development project with a project cost and cash flow of $321,855 in 2022, fully funded by various Section 42 Above 5 percent Cash-in-lieu received, for the purpose of transferring funds to the Downtown Yonge Business Improvement Area to complete the restoration of the Clock Tower in Trinity Square Park. The restored Clock Tower would remain the property of the City under the management of Parks, Forestry and Recreation.

in the chart below, for the purpose of transferring funds to the Downtown Yonge Business Improvement Area to complete the restoration of the Clock Tower in Trinity Square Park: Development Location Internal Order Account (XR2213 Amount ($) 252 Victoria Street 4200290 $524.24 155 Dundas Street East 4200399 $368.65 197 Yonge Street 4200612 $3,370.99 68 Shuter Street 4200657 $649.53 25 Richmond Street East 4201065 $3,117.85 77 Mutual Street 4201094 $2,638.03 215 Church Street 4201208 $6,337.38 59 Mutual Street 4201590 $304,848.33 Total $321,855.00 2. City Council authorize the transfer of up to $321,855 to the Downtown Yonge Business Improvement Area, from the Council Approved Parks, Forestry and Recreation's 2022-2031 Capital Budget and Plan under the Trinity Square Park Clock Tower sub-project, in the Park Development project, to complete the restoration of the Clock Tower in Trinity Square Park, on terms and conditions satisfactory to the General Manager, Parks, Forestry and Recreation. 3. City Council authorize the General Manager, Parks, Forestry and Recreation to amend the Construction and Licence Agreement between the City and the Downtown Yonge Business Improvement Area authorized by City Council at its meeting of October 2 and 3, 2019, to allow for the transfer of up to $321,855 from the City to the Downtown Yonge Business Improvement Area, to be used for the purpose of restoring the Clock Tower in Trinity Square Park, on terms and conditions acceptable to the General Manager and in a form satisfactory to the City Solicitor.